Lets create a bad bank

The immorality of this idea to create a dumping ground for bad loans - euphemistically called a bad bank, is staggering. Banks, who have paid their shareholders and workers extraordinary sums of money, are now going to offload their bad decisions onto a state owned bad bank. Toxic debt will be taken off bank balance sheets and given to the tax payer.

So instead of building schools, providing health care and looking after the old, the taxpayer will be covering up for the banking sector.

Gordon Brown is calling this a rescue package. What he really means is that it is a package to rescue him from consequences of years of New Labour economic mismanagement.